In his address to the International Arab Banking Summit, Dr. Mahmoud Mohieldin, First Vice-President of the World Bank, referred to mechanisms for financing the sustainable development, ways to achieve the financial inclusion, the role of information technology and the new financial innovations.
Dr. Mohieldin reviewed the development opportunities and challenges faced by the Arab region, focusing on the importance of localization of development and activating the capabilities of the community in providing the basic services to citizens according to disciplined standards, pointing to "the importance of expanding and reorienting investment in order to achieve the goals of sustainable development in the areas of infrastructure and the development of human capital and skills."
He revealed through his speech, the need of the Arab economies to finance up to a minimum of 230 billion dollars annually to contribute to achieving the sustainable development goals, pointing out that the funding gap in countries with fiscal deficit of up to 100 billion dollars annually.
He added: "despite the challenges facing the Arab region, there are great opportunities for Arabs to take advantage of youth, especially as 60 percent of the region's population is under the age of 30 through education and health care as key components of human capital, to take advantage of the activities of the new economy because of the entry of information technology and digital developments in all dimensions, as well as investment in the areas of protection against risks.
Source: (Youm7 Website, Edited)
